Since the beginning of April to June 3rd, 2019:
- Wholesale diesel has fallen 1.3% yet fill up pump prices have increased by 3.6%
- Diesel retail profit based on wholesale prices against average pump prices has increased 54.1% to 17.85p per litre
- Wholesale petrol has increased 1.8% yet fill up pump prices have increased by 6.4%
- Petrol retail profit based on wholesale prices against average pump prices has increased 116.7% to 10.79p per litre
- An estimated £235m is being held back from consumers and the economy filling up at the pumps each month by businesses in the fuel supply chain
These are further reasons why FairFuelUK is working with the Treasury and the Fair Fuel APPG to develop a PumpWatch Voluntary fuel pricing code to ensure fuel retailers pass on wholesale falls in petrol and diesel fairly, accurately and quickly to drivers at the pumps.
The Government has always said that 37m drivers see pump fill up costs reflect oil price changes within 7 weeks. But this claim is in no way ever reflected in the wholesale and retail data collected and witnessed in reality at the forecourts by consumers.
Diesel wholesale prices are lower than those of petrol. Yet Diesel continues to be 5p more at the pumps.
Howard Cox Founder of the FairFuelUK Campaign and Secretary to the Fair Fuel APPG said:
“Everyone knows what we pay at the pumps does not follow any logic or fairness when oil prices change. For decades the fuel supply chain, notably a few wholesalers have ripped off drivers at will. The smaller independent garages are subject to their blackmail too, in the prices they are forced to pay, with their wholesalers holding them hostage to their bulk supply. They consciously hold back wholesale price falls amounting to billions. But these greedy faceless businesses will soon be subject to good deal of scrutiny.”
“We are working extremely hard to cost and plan the mechanics for the introduction of a PumpWatch Voluntary Pump Pricing Code to present to the Treasury. Details will be presented as agreed to the Exchequer Secretary before the end of June. It is vital that this new PumpWatch voluntary code is endorsed and supported by the Government, with petrol, diesel and autogas wholesale prices movements published daily.”
